Scatec reported increasing revenue and profit in Q3 2021
Post date: 29/10/2021 - 16:24
Norwegian solar project developer and power plant operator Scatec ASA announced third quarter 2021 proportionate revenues of NOK 1,254 million ($149 million) compared to NOK 556 million in the same quarter of 2020. EBITDA was NOK 767 million (Q3 2020: NOK 319 million). In the first three quarters of 2021 proportionate revenues rose to NOK 3,365 million ($401 million) compared to NOK 2,347 million in the same time last year. With proportionate financials, Scatec reports its share of revenues, expenses, profits and cash flows from its subsidiaries without eliminations, based on the company’s economic interest in the subsidiaries.
Power production more than doubled from the same quarter last year and totalled 1,065 GWh (430 GWh in Q3 2020) after the acquisition of SN Power, strong operational performance and grid connection of new solar plants
Scatec’s third quarter consolidated revenues were NOK 1,059 million (Q3 2020: NOK 724 million). The consolidated net profit was NOK 169 million (Q3 2020: -24 million).
Scatec holds a project backlog of more than 1,9 GW in addition to a growing pipeline of 13,9 GW across several technologies.